Discounted Cash Flow (DCF) Analysis Levered

Nucor Corporation (NUE)

$193.12

+1.53 (+0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 293.29 | 193.12 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 22,588.8620,139.6636,483.9441,512.4734,713.5040,590.2347,461.8455,496.7764,891.9475,877.65
Revenue (%)
Operating Cash Flow 2,809.412,696.886,230.7810,072.057,111.937,115.998,320.679,729.2911,376.3913,302.32
Operating Cash Flow (%)
Capital Expenditure -1,477.29-1,543.22-1,621.99-1,947.90-2,214.16-2,412.60-2,821.03-3,298.61-3,857.04-4,510.01
Capital Expenditure (%)
Free Cash Flow 1,332.121,153.664,608.798,124.164,897.774,703.395,499.646,430.687,519.358,792.31

Weighted Average Cost Of Capital

Share price $ 193.12
Beta 1.624
Diluted Shares Outstanding 250.41
Cost of Debt
Tax Rate 27.87
After-tax Cost of Debt 3.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.987
Total Debt 6,842.19
Total Equity 48,359.57
Total Capital 55,201.75
Debt Weighting 12.39
Equity Weighting 87.61
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 22,588.8620,139.6636,483.9441,512.4734,713.5040,590.2347,461.8455,496.7764,891.9475,877.65
Operating Cash Flow 2,809.412,696.886,230.7810,072.057,111.937,115.998,320.679,729.2911,376.3913,302.32
Capital Expenditure -1,477.29-1,543.22-1,621.99-1,947.90-2,214.16-2,412.60-2,821.03-3,298.61-3,857.04-4,510.01
Free Cash Flow 1,332.121,153.664,608.798,124.164,897.774,703.395,499.646,430.687,519.358,792.31
WACC
PV LFCF 4,239.204,467.654,708.424,962.165,229.58
SUM PV LFCF 23,607.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.95
Free cash flow (t + 1) 8,836.28
Terminal Value 84,557.66
Present Value of Terminal Value 50,294.03

Intrinsic Value

Enterprise Value 73,901.04
Net Debt 458.89
Equity Value 73,442.15
Shares Outstanding 250.41
Equity Value Per Share 293.29